DMUSX vs. DMTFX
DMUSX (Delaware Tax Free USA Intermediate Fund) and DMTFX (Delaware Tax Free USA Fund) are both Municipal Bonds funds from Delaware Funds. Over the past 10 years, DMUSX returned 2.12%/yr vs 2.44%/yr for DMTFX. Their correlation of 0.89 means they have usually moved in the same direction. DMUSX charges 0.71%/yr vs 0.80%/yr for DMTFX.
Performance
DMUSX vs. DMTFX - Performance Comparison
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Returns By Period
In the year-to-date period, DMUSX achieves a 0.57% return, which is significantly lower than DMTFX's 1.33% return. Over the past 10 years, DMUSX has underperformed DMTFX with an annualized return of 2.12%, while DMTFX has yielded a comparatively higher 2.44% annualized return.
DMUSX
- 1D
- -0.09%
- 1M
- -1.84%
- 6M
- 0.10%
- YTD
- 0.57%
- 1Y
- 6.45%
- 3Y*
- 3.84%
- 5Y*
- 0.28%
- 10Y*
- 2.12%
- ALL TIME*
- 3.95%
DMTFX
- 1D
- -0.10%
- 1M
- -2.14%
- 6M
- 1.23%
- YTD
- 1.33%
- 1Y
- 8.35%
- 3Y*
- 3.89%
- 5Y*
- -0.21%
- 10Y*
- 2.44%
- ALL TIME*
- 4.15%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
DMUSX vs. DMTFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DMUSX Delaware Tax Free USA Intermediate Fund | 0.57% | 3.26% | 3.82% | 7.31% | -12.19% | 3.25% | 6.03% | 8.40% | 1.14% | 5.56% |
DMTFX Delaware Tax Free USA Fund | 1.33% | 2.13% | 3.17% | 10.72% | -16.20% | 5.19% | 8.85% | 8.97% | 0.29% | 7.19% |
Correlation
The correlation between DMUSX and DMTFX is 0.88, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.88 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.94 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 1996 | 0.89 |
The correlation between DMUSX and DMTFX has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.
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Return for Risk
DMUSX vs. DMTFX — Risk / Return Rank
DMUSX
DMTFX
DMUSX vs. DMTFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Delaware Tax Free USA Intermediate Fund (DMUSX) and Delaware Tax Free USA Fund (DMTFX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DMUSX | DMTFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.44 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.01 | 2.28 | -0.27 |
| Martin ratioReturn relative to average drawdown | 6.69 | 7.59 | -0.90 |
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Drawdowns
DMUSX vs. DMTFX - Drawdown Comparison
The maximum DMUSX drawdown since its inception was -16.39%, smaller than the maximum DMTFX drawdown of -21.92%. Use the drawdown chart below to compare losses from any high point for DMUSX and DMTFX.
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Drawdown Indicators
| DMUSX | DMTFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.39% | -21.92% | +5.53% |
Max Drawdown (1Y)Largest decline over 1 year | -3.18% | -3.60% | +0.42% |
Max Drawdown (3Y)Largest decline over 3 years | -5.99% | -10.24% | +4.25% |
Max Drawdown (5Y)Largest decline over 5 years | -16.39% | -21.92% | +5.53% |
Max Drawdown (10Y)Largest decline over 10 years | -16.39% | -21.92% | +5.53% |
Current DrawdownCurrent decline from peak | -1.84% | -2.14% | +0.30% |
Average DrawdownAverage peak-to-trough decline | -1.76% | -2.54% | +0.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 1.08% | -0.13% |
Volatility
DMUSX vs. DMTFX - Volatility Comparison
The current volatility for Delaware Tax Free USA Intermediate Fund (DMUSX) is 1.05%, while Delaware Tax Free USA Fund (DMTFX) has a volatility of 1.25%. This indicates that DMUSX experiences smaller price fluctuations and is considered to be less risky than DMTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DMUSX | DMTFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 1.25% | -0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 2.51% | 3.03% | -0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.24% | 4.08% | -0.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.52% | 6.63% | -2.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.25% | 6.01% | -1.76% |
DMUSX vs. DMTFX - Expense Ratio Comparison
DMUSX has a 0.71% expense ratio, which is lower than DMTFX's 0.80% expense ratio.
Dividends
DMUSX vs. DMTFX - Dividend Comparison
DMUSX's dividend yield for the trailing twelve months is around 4.00%, less than DMTFX's 4.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DMTFX Delaware Tax Free USA Fund | 4.28% | 5.69% | 4.77% | 3.53% | 3.67% | 4.00% | 4.24% | 4.44% | 3.64% | 4.74% | 4.70% | 3.63% |
DMUSX Delaware Tax Free USA Intermediate Fund | 4.00% | 5.20% | 4.21% | 3.10% | 3.25% | 2.55% | 3.17% | 3.89% | 3.69% | 3.46% | 2.91% | 2.93% |
Frequently Asked Questions
DMUSX and DMTFX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DMTFX has higher volatility (1.25%) compared to DMUSX (1.05%). In terms of maximum drawdown, DMUSX dropped -16.39% vs DMTFX's -21.92%.
DMTFX currently has the higher Sharpe Ratio (2.01 vs 1.97), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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